{"id":2937,"date":"2024-03-10T06:09:00","date_gmt":"2024-03-10T06:09:00","guid":{"rendered":"https:\/\/usecyan.com\/articles\/?p=2937"},"modified":"2024-04-16T02:04:14","modified_gmt":"2024-04-16T02:04:14","slug":"how-does-nft-staking-work","status":"publish","type":"post","link":"https:\/\/usecyan.com\/articles\/how-does-nft-staking-work\/","title":{"rendered":"How does NFT Staking work? With Example of Staking Bored Ape at Cyan"},"content":{"rendered":"\n<p>NFT staking allows users to monetize their idle NFTs and generate additional crypto income. Several protocols allow staking NFTs which let you participate in governance to earn additional crypto beside the staking rewards. <\/p>\n\n\n\n<p>Here is a beginners guide on how you can stake NFTs. We will use <a href=\"https:\/\/usecyan.com\/ape-coin\"><strong>Cyan&#8217;s Staking Protocol<\/strong><\/a> as an example to demonstrate the NFT staking process of Ape NFTs like Bored Ape, Mutant Ape and Mutant Ape Kennel.<\/p>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\" id=\"rank-math-toc\" id=\"rank-math-toc\"><h2>Table of Contents<\/h2><nav><ul><li ><a href=\"#working\">Working<\/a><ul><li ><a href=\"#nft-staking-for-maximum-earning\">NFT Staking for Maximum Earning<\/a><\/li><li ><a href=\"#nft-staking-for-both-earning-and-governance\">NFT Staking for Both Earning and Governance<\/a><\/li><\/ul><\/li><li ><a href=\"#un-staking\">Un-Staking<\/a><\/li><li ><a href=\"#if-you-dont-have-bayc-nf-ts-buy-now-and-pay-later\">If you don&#8217;t have BAYC NFTs, Buy Now and Pay Later<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"working\">Working<\/h2>\n\n\n\n<p>There are several NFT projects that let you lock your NFTs in a vault or wallet (using a <a href=\"https:\/\/blockchainlab.co.in\/what-are-smart-contracts\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">smart contract<\/a>) and allow you to participate in the governance proposals of the project. This helps them secure their on-chain consensus mechanism while allowing users to control the future of these projects.<\/p>\n\n\n\n<p>There are two basic ways of staking NFTs, through staking protocol&#8217;s vault or through your wallet. The first one lets you <a href=\"https:\/\/usecyan.com\/articles\/how-much-can-i-earn-with-nft-staking-get-best-apy-in-2024-with-cyan\/\" data-type=\"post\" data-id=\"2942\"><strong>earn more<\/strong><\/a> while the second one helps you to participate in governance even when your NFT is staked.<\/p>\n\n\n\n<p>Let us use Cyan as an example on how both these processes work.<\/p>\n\n\n\n<p>Cyan lets you stake ApeCoin and Ape NFTs. You need both of them to stake Bored Ape(BAYC) or Mutant Ape(MAYC) NFTs. To stake a Mutant Ape Kennel Club, you need to pair it with another NFTs from either BAYC or MAYC.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"nft-staking-for-maximum-earning\">NFT Staking for Maximum Earning<\/h3>\n\n\n\n<p>This method lets you maximize your earning. However, you will lose full control over the governance in the project.<\/p>\n\n\n\n<p>Staking NFTs at Cyan is also available when you purchase NFTs on a <strong><a href=\"https:\/\/usecyan.com\/loans\">three-month loan<\/a> <\/strong>(also called Buy Now, Pay Later).<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img data-dominant-color=\"161b1f\" data-has-transparency=\"false\" style=\"--dominant-color: #161b1f;\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"640\" src=\"https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/02\/Staking-NFTs-to-Get-Apecoin-Rewards-1024x640.webp\" alt=\"Staking NFTs to Get Free ApeCoin Rewards\" class=\"not-transparent wp-image-2905\" srcset=\"https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/02\/Staking-NFTs-to-Get-Apecoin-Rewards-1024x640.webp 1024w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/02\/Staking-NFTs-to-Get-Apecoin-Rewards-300x188.webp 300w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/02\/Staking-NFTs-to-Get-Apecoin-Rewards-768x480.webp 768w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/02\/Staking-NFTs-to-Get-Apecoin-Rewards-1536x960.webp 1536w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/02\/Staking-NFTs-to-Get-Apecoin-Rewards-jpg.webp 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><strong><em>Staking NFTs to Get Free ApeCoin Rewards<\/em><\/strong><\/figcaption><\/figure><\/div>\n\n\n<ol>\n<li>Visit the <strong><a href=\"https:\/\/usecyan.com\/ape-coin\">NFT Staking page<\/a><\/strong>, choose the option as shown above.<\/li>\n\n\n\n<li>You need to deposit your NFTs into your <strong><a href=\"https:\/\/usecyan.com\/account\">Cyan account<\/a><\/strong>.<\/li>\n\n\n\n<li>Cyan will issue you an NFT loan based on your NFT value.<\/li>\n\n\n\n<li>These APE coins will then be locked in a smart contract.<\/li>\n\n\n\n<li>Cyan will transfer the rewards into your Cyan account.<\/li>\n\n\n\n<li>You can un-stake at any point.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"nft-staking-for-both-earning-and-governance\">NFT Staking for Both Earning and Governance<\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img data-dominant-color=\"161b1f\" data-has-transparency=\"false\" style=\"--dominant-color: #161b1f;\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"640\" src=\"https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/03\/Staking-NFTs-for-Governance-Earn-1024x640.webp\" alt=\"Staking NFTs for Both Governance and Earn\" class=\"not-transparent wp-image-2951\" srcset=\"https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/03\/Staking-NFTs-for-Governance-Earn-1024x640.webp 1024w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/03\/Staking-NFTs-for-Governance-Earn-300x188.webp 300w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/03\/Staking-NFTs-for-Governance-Earn-768x480.webp 768w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/03\/Staking-NFTs-for-Governance-Earn-1536x960.webp 1536w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/03\/Staking-NFTs-for-Governance-Earn-jpg.webp 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><strong><em>Staking NFTs for Both Governance and Earn<\/em><\/strong><\/figcaption><\/figure><\/div>\n\n\n<p>This method lets you reap dual benefits. Since in this method NFTs never leave your wallet, you become eligible to take part in Governance to earn additional rewards.<\/p>\n\n\n\n<ul>\n<li>Once you visit the <a href=\"https:\/\/usecyan.com\/ape-coin\"><strong>NFT staking page<\/strong><\/a>, you need to select the second option below each NFT series.<\/li>\n\n\n\n<li>NFT loan is issued against your NFT. The obtained cryptocurrency is staked. <\/li>\n\n\n\n<li>APE coins are locked into a smart contract.<\/li>\n\n\n\n<li>You can take part in Governance to earn additional rewards.<\/li>\n\n\n\n<li>This method also lets you un-stake anytime.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"un-staking\">Un-Staking<\/h2>\n\n\n\n<p>Un-Staking is very easy affair at Cyan.<\/p>\n\n\n\n<ul>\n<li>Go to <a href=\"https:\/\/usecyan.com\/ape-coin\"><strong>ApeCoin staking page<\/strong><\/a>, and once you connect your wallet, you will see your staked NFTs as well as the staked crypto (ApeCoin). <\/li>\n\n\n\n<li>Click on <strong><a href=\"https:\/\/usecyan.com\/ape-coin\/rewards\">My Rewards tab<\/a>.<\/strong><\/li>\n\n\n\n<li>Simply click at the Unstake button at the bottom of ApeCoin staking.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-dominant-color=\"141b1e\" data-has-transparency=\"true\" style=\"--dominant-color: #141b1e;\" loading=\"lazy\" decoding=\"async\" width=\"3584\" height=\"2274\" src=\"https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/03\/image-2.png\" alt=\"\" class=\"has-transparency wp-image-2956\" srcset=\"https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/03\/image-2.png 3584w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/03\/image-2-300x190.png 300w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/03\/image-2-1024x650.png 1024w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/03\/image-2-768x487.png 768w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/03\/image-2-1536x975.png 1536w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/03\/image-2-2048x1299.png 2048w\" sizes=\"(max-width: 3584px) 100vw, 3584px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"if-you-dont-have-bayc-nf-ts-buy-now-and-pay-later\">If you don&#8217;t have BAYC NFTs, Buy Now and Pay Later<\/h2>\n\n\n\n<p>While you are re-paying your NFT loan, you can still stake to help you cover some costs.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/usecyan.com\" target=\"_blank\" rel=\"noreferrer noopener\">Buying NFTs<\/a><\/strong> on CYAN is a simple 2 step process. We have made it super simple to buy NFTs on our website. You just need to connect wallet and approve the transaction.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img data-dominant-color=\"e0ced0\" data-has-transparency=\"false\" style=\"--dominant-color: #e0ced0;\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"669\" src=\"https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/01\/cyanshoptableview-1024x669.png\" alt=\"Sorting and Filtering in Cyan's NFT Shop\" class=\"not-transparent wp-image-2612\" srcset=\"https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/01\/cyanshoptableview-1024x669.png 1024w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/01\/cyanshoptableview-300x196.png 300w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/01\/cyanshoptableview-768x502.png 768w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/01\/cyanshoptableview-1536x1003.png 1536w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/01\/cyanshoptableview-2048x1338.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><strong><em>Sorting and Filtering between NFTs in Cyan&#8217;s NFT Marketplace<\/em><\/strong><\/figcaption><\/figure><\/div>\n\n\n<ul>\n<li><strong>Connecting Wallet<\/strong>: No account creation needed; users can connect their wallets directly via the \u201cConnect Wallet\u201d option, supporting MetaMask, Wallet Connect, Unstoppable Domains, Rainbow, and Rabbit.<\/li>\n\n\n\n<li><strong>Buying Process<\/strong>:\n<ul>\n<li>Wallet connection not required for browsing the Shop page.<\/li>\n\n\n\n<li>Over 107 Ethereum and 10 Polygon collections available for browsing in grid or list view.<\/li>\n\n\n\n<li>Filters help select desired traits and pricing. Selecting an NFT opens financing terms for down payment and loan duration, with an option for automatic repayments.<\/li>\n\n\n\n<li>Automatic Repayments deduct funds from either the user&#8217;s wallet or a Cyan Wallet, where NFTs on loan are held.<\/li>\n\n\n\n<li>A Cyan Wallet is created upon the first purchase or loan, where purchased NFTs are stored until the loan is repaid.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>CYAN also features easy NFT Loans (a.k.a. Buy Now, Pay Later) that help you pay for your purchases in multiple transactions and also allows users to sell the NFTs in just 1 click if they do not want the loan repayments anymore.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img data-dominant-color=\"6d6c69\" data-has-transparency=\"true\" style=\"--dominant-color: #6d6c69;\" loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"719\" src=\"https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/02\/image-12.png\" alt=\"\" class=\"has-transparency wp-image-2794\" srcset=\"https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/02\/image-12.png 1024w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/02\/image-12-300x211.png 300w, https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/02\/image-12-768x539.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>NFT staking allows users to monetize their idle NFTs and generate additional crypto income. Several protocols allow staking NFTs which let you participate in governance to earn additional crypto beside the staking rewards. Here is a beginners guide on how you can stake NFTs. We will use Cyan&#8217;s Staking Protocol as an example to demonstrate [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3032,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/usecyan.com\/articles\/wp-content\/uploads\/2024\/03\/Cyan-The-Ultimate-Guide-to-Staking-in-2024-Earn-the-Highest-APY-in-an-Easy-Way-usecyan.png","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/usecyan.com\/articles\/wp-json\/wp\/v2\/posts\/2937"}],"collection":[{"href":"https:\/\/usecyan.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usecyan.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usecyan.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/usecyan.com\/articles\/wp-json\/wp\/v2\/comments?post=2937"}],"version-history":[{"count":6,"href":"https:\/\/usecyan.com\/articles\/wp-json\/wp\/v2\/posts\/2937\/revisions"}],"predecessor-version":[{"id":3033,"href":"https:\/\/usecyan.com\/articles\/wp-json\/wp\/v2\/posts\/2937\/revisions\/3033"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/usecyan.com\/articles\/wp-json\/wp\/v2\/media\/3032"}],"wp:attachment":[{"href":"https:\/\/usecyan.com\/articles\/wp-json\/wp\/v2\/media?parent=2937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usecyan.com\/articles\/wp-json\/wp\/v2\/categories?post=2937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usecyan.com\/articles\/wp-json\/wp\/v2\/tags?post=2937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}